Home industry clean-energy bP stands firm on hydrogen as the energy source of the future
Clean Energy
CIO Bulletin
2022-12-05
Bernard Looney, BP’s CEO, is betting on hydrogen to power future low-carbon businesses as the major economies globally stump up the cash to develop the fuel to decarbonize.
Low-carbon hydrogen already has admirers worldwide and is forecast to play a major role in reducing greenhouse gas emissions from heavy industries and some forms of transport.
But hydrogen as a fuel already has a large pool of admirers and is forecast to play a major role in reducing greenhouse gas emissions from heavy industries and some forms of transport.
For example, the US is offering large incentives for producing it under President Joe Biden’s $430 billion Inflation Reduction Act (IRA).
BP has been quick to react and is in the early planning stages to develop a large, low-carbon hydrogen hub around its Whiting, Indiana refinery, BP’s newly appointed head of hydrogen in the US, Tomeka McLeod, told reporters.
When Looney took office almost three years ago, he promised to reshape BP and cut carbon emissions by reducing oil and gas output and developing renewables.
Hydrogen will have a starring role along with offshore wind, BP company sources told reporters.
BP spent roughly a quarter of its $15.5 billion budget in 2022 on low-carbon businesses, when including the $4.1 billion acquisition of US biogas Archaea, according to reporters.
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